For showbiz devotees, the next few days are the highlight of the year. After gorging ourselves on C-list stars during the I'm a Celebrity... fortnight, the next few days are a chance to see the real thing. With the Baftas (tonight) and Brit Awards (Tuesday), everyone will be talking about important matters such as Bafta nominee Renée Zellweger's fluctuating weight, and by midweek the broadsheets will start to resemble Heat magazine.

But apart from the razzmatazz, there is something serious going on. The awards are a showcase for the British entertainment industry, an opportunity to reward talent and success (although not necessarily in that order). Sandwiched between the Grammys and the Oscars, it's easy to think the Brits and the Baftas are humble relations. Apart from Robbie Williams's annual triumphs at the Brits, how many previous winners can you remember? And how many Hollywood stars are prepared to cross the Atlantic during the Oscar season?

For American stars, the Baftas are an optional stop, albeit an important one, on the way to the main event. Perhaps that's why the awards, especially the Baftas, can seem parochial, too anxious to impress how the British film industry can make great films with less money than is spent on Jennifer Lopez's wardrobe. The voters are often too keen to reward homegrown films over superior Hollywood fare. How else did plucky little The Full Monty beat LA Confidential for Best Film in 1998? Few people would suggest that Love Actually was a triumph, but don't be surprised when the film is lauded tonight before picking up a couple of gongs.

Both events have improved in recent years, gaining stature and media exposure, which is partly due to our insatiable desire for celebrity gossip. Fifteen years ago, when the disastrous duo Sam Fox and Mick Fleetwood hosted the Brits, it marked the nadir of a pretty dreadful sequence of ceremonies. The awards were in a sorry state in the Eighties; mainstream acts such as Annie Lennox and Phil Collins were annual winners, while alternative artists received only token nominations. Britpop shook things up in the Nineties, when Oasis and Blur were winners, and P.J. Harvey and Björk performed together.

The Brits had cred even though they continued to prefer commercial success to artistic merit. When Craig David failed to win a single award in 2001, even losing to A1 in the Best Newcomer category, there was widespread embarrassment because it was an uncomfortable reminder of how bad the Brits used to be.

But if you want to see a greater degree of artistic integrity, wait for the Mercury Music Prize. The Brits are about business. All those denim-clad Britpoppers wouldn't have made it past security if they hadn't shifted tons of records. The Brits can also provide a major sales boost for fledgling stars who perform on the show. Justin Timberlake's career took off after he made headlines by groping Kylie's bum last year. It helped define his image in a way that hundreds of gushing profiles and reviews couldn't. Of course, Timberlake tried a similar trick at the Super Bowl with Janet Jackson's bra and got mixed reviews.

Just as it took an Australian and an American to enliven proceedings at the Brits, the Baftas also benefit from imported glamour. Perennial nominees Nicole Kidman, Cate Blanchett and Russell Crowe are honorary Brits, fêted for their talent but also because they always turn up. And since 2001, when the awards were moved to before the Oscars, they have increasingly attracted big names. Nominees get a career boost, box office, DVD and video takings increase. So do the Brits and Baftas matter? Of course they do. If you're not swayed by the hype, personalities or spectacle, you can always just watch to see who wins.

· The Baftas are on BBC1 tonight at 9pm; The Brit Awards are on ITV1 on Tuesday at 8pm